The FV Jubilee sank last week and the bodies were recovered on Monday, with the last being formally identified today.

Canterbury Police Inspector Craig McKay said all involved in the recovery were honoured that they had played a role in returning the missing men to their families.

A distress signal was sent from the fishing boat FV Jubilee at 4.30am on 18 October. The vessel was about 20km from the mouth of the Rakaia River in rough and windy conditions.

The three crew members said they were heading for the life raft, but when the raft was found no-one was on board.

After the wreck was found, police and navy divers from HMNZS Manawanui searched the vessel. Earlier this week, they recovered two bodies and yesterday recovered the body of another man.

"Formal identification has yet to be completed but police believe it is that of the third crewman understood to have been on board the FV Jubilee when she sank," said Sergeant Phil Simmonds of Canterbury police.

Navy diving support vessel HMNZS Manawanui at the site of the sunken fishing vessel Photo: NZ Defence Force Public Affairs / Rod Mackenzie